Quantitative Method

Sudesh Tiwary

30/08/2010

SUDESH TIWARY
(1)B.Sc (Hons- Maths)- Hansraj college (Delhi University) (2)M.Sc (Maths)- Hansraj college (Delhi University) (3)MBA XLRI Jamshedpur (4) Process Management- Duisberg (Germany) (5) Strategic Management- Tulane University (US)

Your Introduction
Name  Educational Qualification  Experience( If any)  Why MBA? -------------------------------------------------------- Make a group of 6 or 8 student  Individual & group assignment


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LEARNING OBJECTIVES
Distinguish between qualitative data and quantitative data. Describe nominal, ordinal, interval, and ratio scales of measurements. Describe the difference between population and sample. Calculate and interpret percentiles and quartiles. Explain measures of central tendency and how to compute them. Create different types of charts that describe data sets. Use Excel templates to compute various measures and create charts.

After studying Quantitative technique, you should be able to: to:

  

 

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LEARNING OBJECTIVES

After studying Quantitative technique, you should be able to: to:

Understand Mean, Median, and Mode. Describe normal Distribution and type of deviation (Mean & Standard Deviation). Calculate the Probability and Distribution (Normal, Binomial, Poisson & Exponential). Linear Correlation & Regression. Matrix and Determinant.

 

WHAT IS STATISTICS? STATISTICS?



Statistics is a science that helps us make better decisions in business and economics as well as in other fields. Statistics teaches us how to summarize, analyze, and draw meaningful inferences from data that then lead to improve decisions. These decisions that we make help us to improve the running of a department, a company, the entire economy, etc.

Statistics as


Data

Methods

DATA


data is information that has been translated into a form that is more convenient to move or process Information is raw or unorganized form of data and present everywhere in the universe. Data is a collection of observation expressed in numerical figure obtain by measuring and counting.

DATA


Representation of facts, concepts, or instructions in a formalized manner suitable for communication, interpretation, or processing by humans or by automatic means.

Types of Data - Two Types



Qualitative Categorical or Nominal: Examples areColor

Gender Nationality

Quantitative Measurable or Countable: Examples areTemperatures Salaries Number of points scored on a 100 point exam

Where do data come from?



If were starting from scratch, how do we collect / find data?

Secondary data Primary data

Secondary Data


 1. 2. 3.

4.

Secondary data data someone else has collected Example State and National governments National agency statistics - Census. Private and foundation databasescrisil, consultancies etc. Vital Statistics birth, death certificates

Secondary Data Advantages



No need to reinvent the wheel.

If someone has already found the data, take advantage of it.

It will save your money.

Even if you have to pay for access, often it is

cheaper in terms of money than collecting your own data. (more on this later.)

Secondary Data Advantages



It will save your time.

Data collection is very time consuming.



It may be very accurate.

When especially a government agency has

collected the data, incredible amounts of time and money went into it. Its probably highly accurate.

Primary Data
Primary data data you collect Examples 1. Surveys 2. Focus groups 3. Questionnaires 4. Personal interviews 5. Experiments and observational study


VARIABLE
  

 

variable - a quantity that can assume any of a set of values. e.g. Age, income etc. variable - liable to or capable of change; A variable is a value that can change, depending on conditions or on information passed. A variable is always measurable. Non measurable characteristics is called Attributes. e.g. Religion, Nationality etc.

Types of Variables
Continuous Variable --------- any value within range e.g.- weight (45.568..) Infinite value between any two number  Discrete Variable --------- Only integral value e.g. Number of student


Using Statistics (Two Categories)



Descriptive Statistics
       Collect Organize Summarize Display Analyze Comparing Interpreting

Inferential Statistics
 Predict and forecast values of population parameters  Test hypotheses about values of population parameters  Make decisions

Statistical Techniques


 

Average (Mean), Median, Mode, Skew ness, Correlation, Standard Deviation -for Data Time series Analysis (trend, seasonal, cyclic and cylindrical) -for Forecasting & Planning Regression analysis- for production & sales Sampling Method- for Surveys (Business, Market & Political) Index number -for statistical formula

Collecting Data
    

Designing study Questionnaire Population Sample Surveys

Remember!

Data collection is an ongoing process that is used to review and revise a plan.

Resources
Local State Regional National

Samples and Populations



A population (universe) consists of the set of all measurements for which the investigator is interested. A sample is a subset of the measurements selected from the population. A census is a complete enumeration of every item in a population.

Samples and Populations

Population (N)

Sample (n) (n

Survey


Census- census include each and every item of a survey. Ex- Population of a country, per capita income, census of industries etc. Sample Only the small number of items are checked. Ex- Trees in forest, Crop yield of the country etc.

Simple Random Sample



Sampling from the population is often done randomly, such that every possible sample of equal size (n) will have an equal chance of being selected. A sample selected in this way is called a simple random sample or just a random sample. A random sample allows chance to determine its elements.

Why Sample?
 Census

of a population may be:

Impossible Impractical Too costly

Classification of data


Classification of data is the second step after collection of data. Distribute the data under the similar or appropriate heads.( like mail-female etc) Data is arranging or bringing together under separate heads according to some common characteristics is called Classification of data.

Advantage of Classification
  

 

Facilitates Comparison Relationship between several heads Similarity and dissimilarity can be easily brought forward. Highlights the significant features of data Use for further treatment.

Types of Classification


Qualitative Basis- Non measurable characteristics ex- nationality, occupation, sex etc Quantitative Basis- measurable characteristic ex- age, income-group etc. Chronological Basis- According to time ex- annual production, student enrolled etc. Geographical Basis- According to place ex- population of states, per capita income etc.

Presentation of statistical Data

  

Textual Presentation Tabular Presentation Graphical Presentation